St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-09-29
THE COMMERCIAL RECORD.
On the Chicago Board Of Trade Wheat
Bulls Suffered a Set
Back.
The Feeling Was Unsettled Rather Than
Weak Throughout the
Session.
Transactions in the Financial Circles
of Wall Street.-The Gen
eral Quotations.
Snecial to the Globe.

in corn Wheat started down, but the de-
cline was checked by the sharp advance in
corn. The Farmers Reviews estimate that
the corn crop would be 800 200, 600 bu
started the buying fever, and the crowd be-
came exceedingly bullish. Everybody was
buying for themselves and customers. Hutch
lnson was the great prime mover in corn.
He bought on the Farmers Reviews esti-
mates and kept right on buying up to Acc for
May and 4234c for October and November
Up to noon there was huge trading, but the
dzz departed as suddenly as a candle is
snuffed out, and for the last hour
was tame May left off at 45SSc.
although corn was the most sensational deal
on change there was not much to it from
news point of view. Old Hutch did most of
the whooping up. He made the rounds of
the brokers' offices, buying at and above the
market, and his brokers were active on the
floor. Wheat cables were bulliSh and that
proved quite prop to the local market, but
the crowd seemed anxious to work off a por-
ton of its long wheat. AS there was dearth
of sustaining orders the market assumed an
appearance of softness. There was good
buying at times, however, and the
pit was thronged with active traders.
For the past three or four days nothing but
bull talk has been heard. Now everybody is
looking for a reaction. The expression is
frequently heard Il am very friendly to
wheat, but expect TO see lower prices before
the permanent Improvement sets in. The
equinoXtial storms are now about over and
with clearing weather receipts at primary
points are expected to show an increase in
the near future. The local leaders were
nearly all sellers to-day. Those who had
closed out their trades put out new lines, and
those who had stood pat on wheat sold
2G3c lower increased their lines as a rule.
A good deal of long wheat was dumped,
Henry Clews II Company getting rid of
large quantity through their Chicago brokers.
Oats developed strength and activity, closing
higher The boom in corn put speculative
life into provisions. All products advanced,
but the improvement was not sustained in
anything but ribs, though the market closed
strong. Estimated receipts tomorrow: "a
cars wheat. 292 cars corn, las cars oats, and
1900 head of hogs.
THE ROUTINE REPORT
CHICAGO. Sept. 2S-The wheat bulls suf-
fered set back to-day. One weakening
feature was the increase of the amount on
ocean passage by about 100000 bushels.
This, however, was counteracted by the ca
bles, which made spot and futures firm and
in fair demand at Liverpool. There was
nothing unusual in the wheat movement on
this side. Heavy receipts were reported at
Minneapolis and Duluth. and fair receipts at
other primary points. Trading was active,
but the feeling was unsettled, and consider
most of the session. There was good buying
but at the same time the longs rather eX-
ceeded the demands, there being realizing
again. Shorts evidently were pretty well
covered for the near futures. The selling
was chiefly for May. October opened at
T1S8c, sold up to 715sc reacted to 7I12c, ad-
vanced to 715s@7134c and closed
at 707S@!1c the weakness be-
nSpapjallv marked ards
close. May opened at 79Ac, ranged from
794c to 7S12c, closing at 7Sl2c. This was a
decided bull day in corn. They were not a
few who expected a reaction and decline
with the clearing weather. Many hastily con-
cluded that corn had already advanced to a
dangerous point for investment on the bull
side. Others contended that the advance
was but the reaction following the break of
Sept. 10, and that corn had returned to the
figures of that date Wheat was from to 3
cents. higher than at the middle of the
month. At any rate, the combination of
causes were on the bull side this morning
and corn went up before noon from ~ to 1c
per pushel, and May touched at one time Acc
The causes seemed TO be these: A good de-
mand by exporters: the estimate of the crop
of the year down to $40, O0O, 900 bu; declin-
ing local receipts which were to-day
for the first time in three weeks less than 400
cars: demand for cash corn which caused
September to sell at one moment lac over Oc-
tober. That month opened disc, sold stead
lily up to 42@4c and reacted slightly. Novem-
Der opened with October at 41bc, and also
reached its best figures at 42S4c. May was
the center of interest and opened at 45I2c
lost one point and then went straight up
to 46c, after selling S4c under. The half hour
before l p. m. brought weaker feeling,
probably on account of a desire to realize.
Closing figures were from 4GiSsc under the
highest point of the day. Oats had no par
ticular strength of their own, but they sold
higher on the strength shown by corn. Near
futures were in good demand, with but
rnffar o1adr Id
higher. BY p. m. September, salable at
e4c, advanced with offerings: October ranged
9s0l2c higher, and November improved 14c
May was more active, but only about 1sc bet
--ter--At the late afternoon session. however
there was decline of about lac all around
Provisions were stronger, and better bust
ness transpired at higher range of prices.
Receipts of hogs were fair, but not I'D to the
well maintained and had decided effect
upon holders of products, making them slow
about selling. There was better buying of
January pork and ribs than during any of the
preceding days of this week. Shorts. who
have been selling freely of late, became
nervous and covered and helped put prices
up, January opened at S1232l2, sold to
to S12.52l2. the closing price, which is 22I2c
over yesterday final figures Lard received
fair attention, and sold at S6.40@65O Octo-
Der closing at S6.47I20650 October short
ribs were Comparatively quiet, but advanced
from $3.50 to SITE.
THE QUOTATIONS.
The leading futures ranged as follows:
Wheat-No. 2 September, 7O7Sc, closing at
70ssc: October. 71ssc, closing at 707sc; De-
cember, 74c, closing at 7314c; May, 794c,
closing at 7S12c. Corn-No. 2, September,
42e, closing at 42a4c; October, 417sc, closing
at 4212c; November. 17sc, closing at 42l2c;
May 43Ac. closing. at 454sc. Oats-No 2
September, 2512c, closing at 2534c; October,
25Sc, closing at 26sSc; May, 29s4c, closing
az 297Sc. Mess pork, per bbl-Year, closing
at S12.1 January. S12.32I2, closing at
S1252l2. Lard. per 100 lbs-September.
S6.42l2, closing at S6471a; October Sc 42l2,
closing at S6.47l2: December, S637I2. clos
ing at S6.47l2; January, So as, closing at
S6.52l2. Short ribs per 100 lbs-September
$$ 762i' closing at s7:z71g; October.
nary, Scala, closing at se;$7Is.
strong with a fair demand, and prices un-
changed: No. spring wheat, 711a67I34c;
No. spring wheat, 64I2c; No. 2 red. 72I5c:
No. corn, 42S4c; No. 2 oats, 26c; No 2
rye, 4Sc; No. barley. 69@z0c; No 1 flax
seed. Sf.05S4; prime timothy seed, 1924;
mess pork, per Dbl, SIS: lard, per 100 lbs.
S6,47l2: short ribs sides Qoose), S7.75; dry
clear sides (boxed), S8.15@S. 20; whisky,
distillers' finished goods, per gal, 81. 10;
sugar, cut loaf, 67s@7c; granulated, 6l2c
asked; standard "a, :" 614c asked. Receipts
Flour, 80, 900 bbls: wheat, 6S, 900 blu; corn.
100000 bu; oats, 23S, 900 bu; rye, G, 900 Blu;
barley, 104. 900 blu. Shipments-Flour. 90
600 bblS: wheat, "a 600 bu: corn, 265 900
bu; oats, 173, 1000 bu; rye, 1000 bu; barley,
$4,000 blu. On the produce exchange to-day
cry, 16l2@23c; dairy, 15D19c. Eggs, firm;